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- 😮 X To Launch Venmo-Like Feature
😮 X To Launch Venmo-Like Feature
Will let users store money on their accounts
Waivly Crew
June 19, 2024
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Hey Waivly Crew! 🌊 In today’s edition, Elon Musk plans to turn X into an "everything app," including money management features, while Loop faces layoffs amid fundraising issues.
Here’s what’s on the horizon today:
SEC to close investigation into Ethereum
Loop announces layoffs after fundraising woes
Elon Musk's X on track to launch payments service
TikTok faces investigation over child privacy complaint
Let’s dive in!
STORIES MAKING A SPLASH
CRYPTO
SEC to close investigation into Ethereum
The SEC is dropping its investigation into whether Ether is a security. Ethereum developer Consensys announced on June 19 that the SEC’s Enforcement Division is closing its probe into Ethereum 2.0, indicating that the SEC will not charge ETH sales as securities transactions. Consensys called this a "major win" for Ethereum developers and industry participants.
In May, the SEC approved spot Ether exchange-traded funds (ETFs), implying ETH is considered a commodity. Consensys senior counsel Laura Brookover shared the SEC’s response letter stating no enforcement action is planned.
Previously, the SEC issued subpoenas to multiple companies regarding ETH's status as a security. Consensys sued the SEC in April after receiving a Wells notice about potential securities law violations by its MetaMask crypto wallet. The lawsuit against the SEC is still ongoing.
BUSINESS
Loop announces layoffs after fundraising woes
Loop, the car insurance startup co-founded by John Henry of Harlem Capital, has implemented layoffs due to challenges in fundraising. Henry shared an email from co-founder Carey Nadeau, explaining the decision made on June 16th. Nadeau cited difficulties in securing additional capital over the past 20 months, with a recent investor backing out at the final stage.
The email emphasized that these layoffs were a last resort to navigate financial strains. While specific numbers weren’t disclosed, former employees indicated cuts across roles including insurance agents, customer care, data analytics, marketing, software engineering, and product development.
Founded in 2020 after Henry's tenure at Harlem Capital, Loop aimed to revolutionize insurance pricing by reducing reliance on biased metrics such as credit scores and education levels.
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TECH SPECIAL
Elon Musk's X on track to launch payments service
Elon Musk aims to expand X into an "everything app," including features for storing, sending, and spending money, as revealed in documents obtained by Bloomberg.
The plans include a Venmo-like capability allowing users to manage funds, pay others, and make purchases at physical stores via their X accounts. Notably, X intends to keep fees minimal to encourage user engagement and enhance platform activity.
X plans to introduce a dashboard for users to monitor their payment activities, detailing transactions and account balances within the X app. The company's subsidiary, X Payments, already holds money transmission licenses in 28 states and aims for nationwide coverage by launching later this year. While initially planning international expansion, regulatory challenges have led X to prioritize domestic operations for its payment services.
TECH SPECIAL
TikTok faces investigation over child privacy complaint
The U.S. Federal Trade Commission referred a complaint against TikTok and ByteDance to the Department of Justice, citing potential violations of children’s privacy laws and deceptive business practices. The FTC stated its investigation found grounds to believe the companies may have breached laws and voted to proceed with litigation, emphasizing public interest.
TikTok responded, expressing disappointment and highlighting ongoing collaboration with the FTC over more than a year to address concerns. The company disputed allegations, asserting improvements in child protection and correcting past issues.
The FTC’s disclosure of the complaint diverges from its usual practice and coincides with intensified scrutiny of TikTok in the U.S. Concerns over data security prompted President Biden to sign a bill threatening TikTok’s ban if ByteDance fails to divest within a year.
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THE WAVES
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